MIAMI – June 14, 2018 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in both revenue and number of prescriptions filled for May 2018.
Progressive Care’s wholly owned subsidiary PharmCo, LLC has seen an 18.75% increase in prescriptions filled over the same month last year, totaling approximately 22,300 prescriptions.
May brought a total net revenue of roughly $1.78 million: a slight decrease of 4.6% from May 2017, due to decreased reimbursement rates on compounds and the transition of more patients to the company’s 340B model that decreases sales but maintains profitability due to dispensing fees. However, looking at the total revenue combined for April and May, Progressive Care shows an increase of 2.4% compared to last year.
“As we come out of another month of substantial growth we continue to dedicate ourselves to providing our patients a full range of personalized medication therapies,” said S. Parikh Mars, CEO of Progressive Care Inc. “As reimbursement compression across the medication spectrum remains, Progressive Care has devoted itself to increasing revenues with continued sales efforts, medication diversification, and further expansion of our service offerings.”
As Progressive Care continues significant growth month-over-month, more patients and providers are able to experience its proactive patient engagement model designed to lower healthcare costs and provide quality service to everyone. The company also dispensed $550,000 worth of 340B services (which is not included in sales figures) and generated nearly $25,000 in fees, a 245% increase over May of last year.
The May sales figures come on the heels of some significant company announcements including the launch of a nationwide opioid marketing campaign, the purchase and installation of a new TCGRx pouch packaging system and the initial steps in developing a proprietary tele-pharmacy software.
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About Progressive Care, Inc.
Progressive Care Inc. (OTCQB:RXMD), through its PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Public Relations Contact:
Tory Patterson, CMW Media
Public Relations Consultant
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development